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WTC RULING FAVORS WESTFIELD AMERICA

In a victory for Westfield America, developer Larry Silverstein and other World Trade Center leaseholders, a U.S. District Court has denied a claim by Allianz Insurance that the Sept. 11, 2001, terrorist attack on the two towers of the World Trade Center constituted a single occurrence. Westfield and Silverstein, who had both signed 99-year leases to the property months before two hijacked airliners were crashed into the towers, have challenged several insurers. The insured parties could receive up to $6.7 billion if, in the final judgment, it is ruled that the attack was actually two events, as opposed to $3.6 billion if it is found to be only one. Under this latest ruling, Allianz is responsible for a total of $865.2 million. Westfield holds the lease for the mall that lay at the foot of one of the towers.